24 September 2025
Tariff Appeal and Market Reaction
Investors are juggling two big storylines: a Trump tariff appeal that could lock the president’s emergency import‑tariff authority in place, and a Federal Reserve outlook that still leans toward easing rates. The administration filed a petition to the Supreme Court after a federal judge said the president’s sweeping trade powers were questionable. If the high court backs the appeal, the current tariff regime – which includes duties on steel, aluminum and a range of Chinese goods – could stay active for months.
Futures reflected the tug‑of‑war. The S&P 500 futures nudged up 8 points (about 0.1%), while Nasdaq 100 futures edged higher by 36 points (roughly 0.2%). Dow futures, however, barely budged, holding steady as traders weighed the tariff uncertainty against other data. The mixed signal hints that market participants are not yet convinced the appeal will swing either way; they’re simply positioning for the near‑term volatility.
Bond markets gave investors a breather. After a sell‑off earlier in the week, Treasury yields fell back, reaffirming the classic inverse dance between prices and yields. Comments from Fed Governor Christopher Waller and a few other officials reinforced the narrative that the central bank is still prepared to cut rates at its next meeting. A recent Fed report showed little movement in core economic indicators, which helped calm nerves about inflation staying stubbornly high.
In short, the market is in a holding pattern, waiting for two critical events: the Supreme Court’s ruling on the tariff appeal and the Fed’s next policy decision. Both will likely dictate whether equities stay on the sidelines or make a decisive move.
Corporate and Energy Developments
On the corporate front, a Washington judge handed Google a partial victory. The ruling let Alphabet keep its grip on the Chrome browser and Android operating system, but it clamped down on certain exclusive contracts that had drawn antitrust scrutiny. The decision also preserved the lucrative payment‑processing partnership between Google and Apple, sending both stocks higher in after‑hours trading.
Energy markets showed a brief rebound after four days of losses. Crude futures closed higher as Ukrainian forces struck Russian oil facilities, stoking fears of supply disruptions. The geopolitical whiplash kept oil traders on edge, and the price bounce added a layer of complexity to the already crowded market narrative.
Meanwhile, design platform Figma released its first earnings report since going public earlier this year. Though the numbers were modest, the report highlighted that the company is still in a growth phase, with revenue coming primarily from subscription upgrades and enterprise deals. Figma’s performance adds another data point to the broader earnings calendar that investors are parsing for clues about consumer‑tech spending trends.
- Supreme Court decision on Trump tariff appeal could redefine presidential trade powers.
- Fed officials signal continued rate‑cut optimism, supporting bond price gains.
- Google wins key antitrust battle, bolstering its stock alongside Apple.
- Oil prices rise amid renewed Ukraine‑Russia tensions.
- Figma's debut earnings underscore ongoing growth in cloud‑design services.
All eyes remain on Washington and the Federal Reserve as the week unfolds. Traders are likely to adjust positions quickly once more concrete signals emerge from the Supreme Court or the Fed, while corporate earnings and geopolitical events will continue to pepper the market narrative with fresh twists.
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